Kitco Commentary: Why Gold Price Charts Don't Tell the Whole Physical Market Story - News and Statistics - IndexBox

AI desk brief

World Gold Council figures cited in Kitco commentary put Q2 2026 global bar-and-coin demand at approximately 307 tonnes, down 3% year on year, alongside roughly 45 tonnes of gold-backed ETF net outflows. Britannia Bullion analyst Matthew Jones argues these figures do not establish wholesale abandonment of physical gold: demand composition and the exceptionally strong first-quarter comparison matter. He says completed purchases, ounces bought, selling back and product premiums offer better evidence than enquiries or turnover alone. Product-specific delays do not establish market-wide scarcity, and an individual dealer’s experience requires testing against broader evidence; near-term bullion direction remains unestablished.